Agrium To Take Up 13.9 Million Shares.CALGARY, Alberta--(BUSINESS WIRE)--Feb. 26, 1997--Agrium Inc. (TSE, NYSE AGU.) said today that preliminary results of its offer to purchase its common shares indicate the offer was successful. As a result, the Company said it will purchase, subject to verification, 13.9 million shares at a price of Cdn $20.00. The preliminary count by the R-M Trust Company, depository for the offer, indicated that 27,529,580 shares were deposited at Cdn $20.00. As a result of over-subscription of the offer at the clearing price, shares deposited at Cdn $20.00 will be subject to a proration Proration A situation during a corporate action in which the available cash or shares are not sufficient to satisfy the offers tendered by shareholders. Therefore, a proportion of both cash and shares is granted for each offer tendered.Notes: When you tender an offer for a corporate action, the company making the bid will attempt to fulfill the tender as you requested. factor of about 50 percent. As outlined in the offer circular, lots of less than 100 shares tendered at the clearing price Clearing Price The specified monetary value assigned to a security or asset. This price is determined by the bid and ask process of buyers and sellers interested in trading the security.Notes: In any exchange, sellers prefer to part with their assets for the highest price possible while investors interested in buying the same asset desire the lowest purchase price possible. are not subject to proration. The purchase price and proration factor are subject to final confirmation and the proper delivery of all shares deposited. Payment for shares properly deposited and accepted will be made by March 3, 1997. Shares not purchased will be returned as promptly as possible. The shares which the Company expects to purchase represent about 10 percent of the approximately 140.7 million shares outstanding immediately prior to the offer. After purchasing the shares, Agrium will have approximately 126.8 million common shares outstanding. The buyback is expected to be accretive to the Company's earnings per share. Agrium Inc. is the largest North American producer of nitrogen fertilizers, and a major producer of potash and phosphate fertilizers. The Company is also a leader in the wholesale distribution and retail marketing of fertilizers, related products, and services to the agricultural industry. CONTACT: Agrium Inc. Gordon A. Milne, 403/ 258-4615 Dick Nichols, 403/ 258-5746 investor-rel@agrium.com 1-800-399-3821 (Automatic Faxback) |
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